Family businesses in Asia and in the west – are there different challenges that they face? What are some useful lessons that we can draw from these differences? Would you consider bringing in non-family professionals into the business, what about ‘in-laws’?
These are some of the many questions raised by the enthused audience at the panel discussion organised in conjunction with the launch of SMU’s Business Families Institute, or BFI@SMU – Southeast Asia’s first regional institute set up specifically to serve the needs of business families in this part of the world.
“Since 2010, SMU had recognised the emergence of Asian business families and discerned that they require specifically contextualised thought leadership and applied knowledge. This is the gap that the Business Families Institute will fill. Our philosophy is to work with business families, for business families. From the positive response that we have received so far, I firmly believe that we are taking an important step in the right direction,” said SMU President, Professor Arnoud De Meyer at the launch event held at SMU on 20 March 2013.
[Photo: SMU President, Professor Arnoud De Meyer delivering his Welcome Remarks at the launch of BFI@SMU.]
The business community must have agreed that this is a timely and most welcomed initiative, especially judging from the turn-out at the launch – a full attendance of well over 300 guests, comprising SMU students, faculty and staff, business families, industry partners, media and representatives from government agencies.
SMU will be leveraging on the vast experience of faculty who have worked closely with business families and thus understand their strengths and challenges, as well as the University’s strong expertise in business and management, to help them deal with business family-specific issues such as family ownership, business succession, business diversification and governance. The Institute will be an educational, engagement and research platform to bring together business families in Asia.
[Photo: Well over 300 guests turned up for the launch of BFI@SMU]
SMU Chairman, Mr Ho Kwon Ping pointed out that “all the universities that have business schools are teaching a lot of people to be great managers, but we need to teach a lot of people to be great owners… That’s specifically the reason why we set up the BFI.”
“For a start, BFI@SMU has managed to garner firm support from more than a dozen local and overseas founding and alliance families. These families have generously stepped forward to share their stories and knowledge. We welcome more families to come on board. That way, the impact of our collective knowledge will multiply, and more business families will benefit,” Professor De Meyer added.
The audience also benefited from a public lecture by visiting Professor Joseph Astrachan from Kennesaw State University in the US. Professor Astrachan discussed ‘Succession in Business Families – The Realities, the Resistance and the Responsibilities’.
[Photo: Visiting Professor Joseph Astrachan delivering his Public Lecture on ‘Succession in Business Families – the Realities, the Resistance and the Responsibilities’]
In its aim to uncover insightful knowledge relevant to business families in this region, BFI@SMU will be pioneering a study on the Structures and Strategies for Business Family Succession in Southeast Asia. Through a partnership with Deloitte Southeast Asia, SMU will leverage on its network of partner universities to conduct a comparative research survey covering Singapore, Indonesia, Malaysia, Thailand, The Philippines and Vietnam, while Deloitte will provide research resources and industry expertise in the design of the survey architecture. Deloitte has also donated a Research Gift in support of this inaugural initiative. The survey will be launched in June 2013 and findings are expected to be released by the end of the year.
[Featured photo: (From left to right) Associate Professor Annie Koh moderating the panel discussion at the launch event. The sterling members of the panel comprised Mr Ho Kwon Ping, Executive Chairman, Banyan Tree Holdings Limited and Chairman of SMU; Dr Stephen Riady, Executive Chairman, Overseas Union Enterprise Limited; and Dr Robert Yap, Chairman and CEO, YCH Group]